Global warming is one of the most challenging issues of the current era. Revolutions in industrial, Information and Communication Technology (ICT) sectors significantly contribute in increasing global warming. Green House Gases (GHG) emissions from industrial, transportation, power and other sectors cause environmental pollution, which results in climate degradation. Environmental experts are well aware of the disastrous consequences of excessive global warming; therefore, several decarbonization strategies are developed and practiced in the recent past. A widely practiced decarbonization strategy is replacing fossil fuels by Renewable Energy Sources (RES) in the power systems. Electricity consumers are also encouraged to shift their consumption load to low carbon emissions' time periods. For accomplishing this task, an estimation of future carbon emissions is required. In this paper, power system's carbon emissions are predicted accurately with the help of a novel and an efficient forecasting model. The proposed model comprises of Spearman Correlation Analysis (SCA) and Improved Shallow Denoising Autoencoder (ISDAE) based feature engineering. Forecasting is performed through an Improved Particle Swarm Optimization (IPSO) based Deep Neural Network (DNN) forecaster. In addition, a comprehensive quantification analysis is also presented in this paper. The impacts of RES integration level on the electricity price, consumption cost and Greenhouse Gases (GHG) emissions are quantified descriptively and graphically. Performance of the proposed forecasting model is evaluated by Normalized Root Mean Square Error (NRMSE), Mean Absolute Error (MAE) and Mean Square Error (MSE). Simulation results prove that the proposed model outperforms Support Vector Machine (SVM) and Multiple Linear Regression (MLR) based carbon emission forecasting models in terms of forecasting accuracy.
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